India planning to host meeting of trade ministers from WTO member nations, says Prabhu

Commerce and Industry Minister Suresh Prabhu said India is planning to host an informal gathering of trade ministers from about 20 member nations of the World Trade Organization next month. The agenda is to discuss the interests of least developed countries amid growing challenges for global trade.

"We are planning this (meeting) in May. We will be inviting about 20 WTO member countries this time,” he told PTI.

He also said this meeting is important as many countries are questioning over the relevance of the global trade body. Many countries are also taking protectionist measures, impacting global trade.

The Trump administration’s duties on imported aluminium and steel products last year prompted this major trade tariff tussle.

However, India time and again stressed the importance and relevance of the WTO for promoting global trade. Last year in March India had hosted a similar meeting. Over 50 nations had participated to explore options for resolving various issues and revitalising the WTO.

For the upcoming meet, India has already teamed up with China, South Africa, and Venezuela to counter the US allegation.

On April 3, Suresh Prabhu declared that India made an offer to the US to resolve trade issues between the two countries, but said nothing about the visit of an official delegation from India to the US.

When asked about the continuous extension of India’s deadline to impose retaliatory customs duties on the US, he said the US has not yet stopped the GSP benefits to Indian exporters which is why the Indian government is extending the deadline.